Food Tech Startup Petoo Raises $1 Million Funding From Axilor Ventures
Petoo, a Bengaluru-based startup in the online restaurant space, is looking to raise up to $10 million in Series A funding to scale up its business. The startup, started by two graduates of IIT Kharagpur along with an alumni of Institute of Hotel Management (IHM), Bhubaneshwar, has plans to expand its operations across Bengaluru, Chennai, Pune, Hyderabad, NCR and Mumbai over the next two years.
“We started the venture with $500,000 raised from our friends and from our own money in January. Now, we are set to expand our services both in Bengaluru and other cities for which we are looking for funds,” Ritesh Dwivedy, co-founder said.
Petoo is founded by three friends. Ritesh and Kumar Setu – each having over 8 years of experience in running businesses related to Food and E-commerce industry and Abhishek Mandal, chef by education and alumnus of IHM
The raised funds will be used to enhance its backend operations, speed up food research and strengthen the team.
Petoo currently gets around 100 orders a daily from restaurant aggregators like Foodpanda and JustEat among others. It plans to launch its own website and mobile app-based ordering system, which will provide a much greater ordering experience to users with features like 3-tap ordering, live order tracking on a map among others, very soon, Kumar Setu, co-founder of Petoo said.
“By focusing on a menu comprising only Indian dishes, we aim to cater to discerning customers, who relish rich traditional dishes. With over a decade’s experience in food-tech space, we understand customer preferences,” said Dwivedy.
“We will offer a cash-less food ordering solution for people staying late at office. Employees will be able to book food through our dedicated online system without any money transaction (based on predefined criteria of company’s management),” Setu said.
Spreading its wings, the firm is planning to commence its own website and mobile app with features like 3-tap ordering, live order tracking on a map and many more. It also plans for taxi aggregators, bus operators in order to take orders for travelers. On the other hand, claims to have over 15 delivery boys, the firm is planning to expand its team of 800-1000, when it enters the four cities including Pune, Chennai, Delhi and Mumbai.